This Week's Boston Deal Sheet
Columbia Property Trust signed 10 leases at its 116 Huntington Ave. office building in the Back Bay, a rare string of deals in what has become an increasingly weak market.
The largest tenant at the 15-story office building is American Tower, a telecommunications REIT, which renewed its 40K SF lease. Columbia also announced lease renewals with CVS Digital, which now occupies a full floor, plus The Segal Co. and Longpoint Realty Partners.
The landlord also signed multiple new leases: Keystone Strategy leased 9K SF, Bluewave Solar leased 9K SF and Hoffman Alvary leased 5K SF. It also signed a 5K SF retail lease at the building with California-based restaurant Sol Cocina.
With these new deals, the 115K SF building is 83% leased, according to a Columbia spokesperson. In 2017, Columbia made $10M in renovations to the property, including upgrades to the lobby, elevators and common areas. Cushman & Wakefield's Michael Joyce and Lauria Brennan represented Columbia in all of the leases.
"116 Huntington offers a premier office environment in an ideal Back Bay location just steps to world-class shopping, dining, and transit options,” David Cheikin, Columbia's executive vice president of the East Coast, said in a release.
LEASES
Life Time, a fitness chain in the U.S. and Canada, opened its newest location in Medford's Station Landing. The 52K SF club, located at 70 Station Landing, marks its sixth gym in Massachusetts. The club includes five studios for large group classes, a four-lane indoor lap pool, a spa and a café. The five other locations are in Burlington, Chestnut Hill, Westwood, Framingham and Peabody.
FINANCING
CSI Support & Development Services received $31M in financing from MassHousing for the renovation and extension of affordability of its City Square Elderly Housing complex in Charlestown. The development is a 120-unit property that serves senior citizens and residents with disabilities. The financing will help extend the property's affordability for another 24 years.
MassHousing also provided $18.1M in financing to CSI for the preservation and renovation of its 100-unit Admiral's Tower Co-op in Chelsea. The financing will extend its affordability for at least another 25 years.
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Cambridge Savings Bank announced it financed the Innes Redevelopment Project with a $93M construction loan. Led by co-developers John M. Corcoran & Co. and Joseph J. Corcoran Co., in partnership with Marcus Partners, the redevelopment will replace eight existing buildings at the Innes Apartment complex with a 350K SF mixed-use community.
The new development will provide existing residents with 96 units of public housing, 40 middle-income housing units for new tenants and 196 market-rate apartments.
CONSTRUCTION & DEVELOPMENT
Munters, a Swedish temperature and control technology manufacturer, secured $5.9M in state and local tax breaks for a new 400K SF industrial facility that will become its new North American headquarters, the Boston Business Journal reported. The company has been present in the state for decades, but it plans to expand to South Hunt Road in Amesbury with a research lab and 50K SF of office space.
The property will be developed by Global Property Developers Corp. Munters was one of 11 businesses approved for tax breaks by Massachusetts' Economic Assistance Coordinating Council on Thursday, the last to be awarded under Gov. Charlie Baker's administration.
Mount Vernon Co. won approval for its newest multifamily development in Brighton from the Zoning Board of Appeals. The board approved the developer's 30 Leo Birmingham Parkway development, a six-story, 117-unit building dubbed The Current. The development will raze the existing Santander Bank on the property and will be built next door to Mount Vernon's Radius building.
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HYM Investments partnered with The Bowery Presents to welcome a seasonal outdoor concert venue to the Suffolk Downs development. The venue, named The Stage at Suffolk, will hold up to 8,500 people. It will be located at 525 William F McClellan Highway and will begin hosting shows in the spring of 2023.
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Greystar Real Estate Partners held a ceremonial demolition event for its 1690 Revere Beach Parkway development in Everett on Friday. When completed, 1690 Revere Beach Parkway will deliver 741 apartment units in two phases. The event was attended by state Rep. Joe McGonagle and Everett Mayor Carlo DeMaria, among other city officials.
The two-phase project also has over 9K SF of retail space and 875 parking spaces. The building has 22K SF of amenity space, including five courtyards, a private pool, a dog park and an upper-level terrace on the seventh floor. It is part of a wave of new development coming to Everett's Commercial Triangle district.
CORRECTION, DEC. 13, 1:55 P.M. ET: A previous version of this story incorrectly stated Life Time's name. The story has been updated.
CORRECTION, DEC. 16, 4:00 P.M. ET: A previous version of this story incorrectly stated Keystone Strategy’s name. The story has been updated.
